International Campus launches a fund

International Campus launches a fund for student housing,
capitalizing on its existing platform and deep pipeline

• Luxem­bourg vehic­le will build up a port­fo­lio of up to €800 mil­li­on invest­ment volu­me
• First clo­sing of €50 mil­li­on equi­ty rea­li­zed
• In total an amount of €250 mil­li­on Euro equi­ty will be coll­ec­ted
• Eight “THE FIZZ” resi­den­ti­al buil­dings for stu­dents with more than 2,400

  apart­ments are being rea­li­zed in seven cities

Aiming to fur­ther deve­lop its plat­form for stu­dent
accom­mo­da­ti­on, Inter­na­tio­nal Cam­pus AG, the Munich spe­cia­list for deve­lo­ping and
ope­ra­ting modern stu­dent resi­den­ces, has incor­po­ra­ted in Luxem­bourg Inter­na­tio­nal
Cam­pus Stu­dent Housing I S.C.A. (the “Fund”) for pro­fes­sio­nal inves­tors. The pur­po­se
and objec­ti­ve of the Fund is the crea­ti­on of a lar­ger port­fo­lio of resi­den­ti­al buil­dings

for stu­dents, pri­ma­ri­ly in Ger­ma­ny. The­se will be deve­lo­ped by
Inter­na­tio­nal Cam­pus AG and pre­do­mi­nant­ly ope­ra­ted with uni­form qua­li­ty
stan­dards under the brand “THE FIZZ”.

“We have rai­sed €50 mil­li­on of equi­ty in a first clo­sing and the­re­wi­th enter direct­ly
into the invest­ment stage. Talks with a num­ber of fur­ther equi­ty inves­tors are
curr­ent­ly under­way”, explains Horst Lie­der, CEO of Inter­na­tio­nal Cam­pus AG. All-in-
all, Inter­na­tio­nal Cam­pus AG plans to rai­se up to €250 mil­li­on in Fund com­mit­ments.

“We plan to rai­se at least up to €250 mil­li­on equi­ty. This would allow us to build a
port­fo­lio with a total invest­ment volu­me of up to €800 mil­li­on. Finan­cing con­di­ti­ons
in Ger­ma­ny are curr­ent­ly very favoura­ble in com­pa­ri­son with other count­ries both in
terms of inte­rest rates and access to cre­dit. Inter­na­tio­nal Cam­pus AG will also invest
in the port­fo­lio by com­mit­ting 5% to 6% of the capi­tal of the Fund. This ensu­res full

ali­gnment of inte­rests bet­ween inves­tors and Inter­na­tio­nal Cam­pus as the deve­lo­per,
ope­ra­tor and ulti­m­ate­ly a fel­low inves­tor”, con­ti­nues Lie­der.

It is plan­ned to deve­lop pro­per­ties within the Fund over the next 3–5 years and exit
within 5 to 7 years. Attrac­ti­ve risk-adjus­ted returns with a tar­get yield (IRR) of 14 %
on the equi­ty are expec­ted. “The stra­tegy of crea­ting a plat­form of this natu­re for a
lar­ge-volu­me port­fo­lio in the area of stu­dent housing pro­vi­des an attrac­ti­ve pro­duct
for insti­tu­tio­nal inves­tors that is unli­ke any­thing curr­ent­ly available in Ger­ma­ny for
this seg­ment. This is ano­ther step for­ward in pro­vi­ding access for inves­tors to stu­dent
housing in Ger­ma­ny as a stan­da­lo­ne asset”, adds Rolf Engel, chair­man of the board of
Inter­na­tio­nal Cam­pus AG.

Seven projects in six TOP cities secured for International Campus AG’s Luxembourg
Fund

The ongo­ing pro­ject deve­lo­p­ments of Inter­na­tio­nal Cam­pus AG and invest­ments
made in this con­text are all ear­mark­ed for the Luxem­bourg Fund. This includes:

• Bre­men: Inter­na­tio­nal Cam­pus AG has acqui­red “THE FIZZ Bre­men” with 336 stu­dent apart­ments, a buil­ding that Inter­na­tio­nal Cam­pus AG deve­lo­ped and ope­ra­tes. The FIZZ Bre­men was com­ple­ted in 2012 and is ful­ly let.
• Ber­lin: Joint­ly with the Ber­lin fami­ly busi­ness Gädeke & Sons, Inter­na­tio­nal
  Cam­pus AG is deve­lo­ping “THE FIZZ Ber­lin” with 212 apart­ments;
  con­s­truc­tion has alre­a­dy star­ted. The first stu­dents will move in in the win­ter
  semes­ter of 2014.
• Frank­furt: A con­ver­ted office buil­ding, “THE FIZZ Frank­furt” in the
  Gal­lus­vier­tel dis­trict will pro­vi­de 382 stu­dent apart­ments offe­ring the same
  qua­li­ty as a new buil­ding. The start of con­s­truc­tion is immi­nent and ope­ning
  is sche­du­led for Octo­ber 2014.
• Frank­furt: Clo­se to the Som­mer­hoff­park, “THE FIZZ Frank­furt II”, with ca.
  390 apart­ments, is being deve­lo­ped by Inter­na­tio­nal Cam­pus AG joint­ly with
  the Ber­lin fami­ly busi­ness Gädeke & Sons and OFB Pro­jekt­ent­wick­lung GmbH
  as total con­trac­tor. Ope­ning is sche­du­led for Octo­ber 2015. Inter­na­tio­nal
  Cam­pus AG is curr­ent­ly coor­di­na­ting with the city of Frank­furt as part of the
  plan­ning pro­cess.
• Darm­stadt: A preli­mi­na­ry buil­ding per­mit has been issued for this pro­per­ty,
  which was recent­ly acqui­red by Inter­na­tio­nal Cam­pus AG. “THE FIZZ
  Darm­stadt” will pro­vi­de ca. 350 apart­ments and is expec­ted to be rea­dy for
  occu­p­an­cy by Octo­ber 2015.
• Hano­ver: In Hano­ver, Inter­na­tio­nal Cam­pus AG has taken over a pro­ject at an
  advan­ced stage of deve­lo­p­ment. “THE FIZZ Han­no­ver” will pro­vi­de 302
  apart­ments. Con­s­truc­tion is sla­ted to start short­ly and the buil­ding is
  sche­du­led to open in sum­mer semes­ter 2015.
• Ham­burg: In Ham­burg, Inter­na­tio­nal Cam­pus AG is deve­lo­ping
  “THE­FIZZ­Ham­burg” joint­ly with the Han­sea­tic Group as part of a lar­ger
  over­all deve­lo­p­ment. The buil­ding with ca. 292 apart­ments will be rea­dy for
  occu­p­an­cy for the win­ter semes­ter of 2015.

Bes­i­des the­se Fund pro­jects, Inter­na­tio­nal Cam­pus AG expects to ope­ra­te an eighth
resi­den­ti­al buil­ding for stu­dents that has been built by the GbR GEWO Stu­ckert
Wohn­bau AG in Frei­burg; the indi­vi­du­al apart­ments are expec­ted to be sold to pri­va­te inves­tors in part owner­ship. The buil­ding work for “THE FIZZ+ Frei­burg” with 149 apart­ments in two con­s­truc­tion stages is alre­a­dy quite advan­ced. The top­ping-
out cerem­o­ny for the first con­s­truc­tion stage will take place on 17 Octo­ber 2013. The
first stu­dents can then move in by the sum­mer semes­ter of 2014.

Once the­se eight stu­dent resi­den­ces are ope­ned, Inter­na­tio­nal Cam­pus AG will be
ope­ra­ting more than 2,400 apart­ments in seven cities.

In addi­ti­on to this, Inter­na­tio­nal Cam­pus AG is also revie­w­ing the fea­si­bi­li­ty of other
pro­jects for expan­ding the port­fo­lio from its exis­ting pipe­line of loca­ti­ons in lar­ge
uni­ver­si­ty cities in wes­tern Ger­ma­ny. “This ensu­res that we can make effi­ci­ent and
sus­tainable use of the curr­ent­ly high­ly favoura­ble time win­dow for this kind of
invest­ment”, says Lie­der.